Redevelopment Planned for Shibuya City Office - Real Estate Japan

Moves are underway to rebuild the Shibuya City Office buildings after it was discovered that they would be at risk of falling over in an earthquake that produced a?shindo?level of upper-6 (read about the Japanese seismic intensity scale?here).

At a press conference held on February 12, Shibuya ward mayor, Toshitake Kuwahara, announced that they hope to decide on a budget for the project during the 2014 financial year.

The buildings are currently below the maximum allowable building size for the site, so the local council hopes that the availability of additional space will help to reduce their own redevelopment costs.

The current site includes the 6-storey city office and the 4-storey Shibuya Public Hall (aka Shibuya C.C. Lemon Hall). Both were completed in 1964, coinciding with the Tokyo Summer Olympics. The Public Hall building hosted the weight-lifting events.

After the 1995 Hanshin Earthquake, the buildings were inspected for their earthquake-resistance. The Public Hall was found to be above the minimum level of resistance required, while the city office required reinforcement work.

The Shibuya government office buildings in the 1960s

However, an inspection of the town hall following the 2011 Tohoku Earthquake found the building?s seismic index to be just 0.23.

According to Shibuya ward, earthquake retrofitting would cost approximately 6 billion Yen (64 million USD), while demolishing and rebuilding a similarly sized building was estimated to cost 20 billion Yen (214 million USD).

Officials are considering several options, including developing a leasehold apartment building or office building on the site, which could provide the local council with additional revenue.

A condominium tower is currently being constructed in Tokyo?s Toshima-ku. The Toshima city office will move into the building when construction is complete in 2015.

Source: SankeiBiz, February 13, 2013.

Editor?s Note: Zoe Ward is the publisher of?Japan Property Central?and has extensive experience in the Tokyo real estate market, working for some of the advertising agents on Real Estate Japan.

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Source: http://www.realestate.co.jp/2013/03/15/redevelopment-planned-for-shibuya-city-office/

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